§ 03 — Portfolio index
Parallel Quarterly ·
No. 15
15
Manufacturing
Seed
2022
Active
Founded in
Cleveland, Ohio
Founders
Walt Pruitt
Sector
Manufacturing
First check
Seed
Year
2022
Status
Active
A steel service center moves coils and plates with overhead cranes. A crane is a long-lived, heavy machine, and when one stops the building stops. Hoistline fits each crane with a small unit that records loads, runtime, brake wear and the number of times an operator has been surprised.
Walt Pruitt maintained cranes for twenty-two years and holds a lifting-equipment certification. He wanted to replace the clipboard that hangs on the crane’s ladder. The unit logs every lift, flags a hoist that has run over its rating, and tells a planner which brake will need replacing next month.
About 240 cranes at 31 service centers are on the system. A pilot costs the customer a few thousand dollars, and none has died quietly. The company has hired its first two field technicians, both former crane mechanics, and has started on a version for gantry cranes in ports.
Why we invested
Walt charged for the pilot from the first call, on the grounds that a free pilot tells the buyer it is worth nothing. We do not usually have to teach this lesson. He taught us a version of it.